Central Pennsylvania Nesties
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
POLL: Taxes
Did you do your taxes yet?
Are you happy with what you are getting back?
Re: POLL: Taxes
What are you trying to find out?
Well, our situation is sort of complicated. Back in 2005 before we were married or engaged or anything, DH decided to buy a house. He was newly self employed at the time, but the mortgage guy kept telling him that it wouldn't be a problem. The day before settlement the mortgage guy finally gets around to verifying the stuff DH gave him and says he can't qualify him because he hasn't been self employed for long enough. So, DH's parents stepped in. They took out the mortgage in their name only but both of their names as well as DH's name were on the deed to the house.
Flash forward to October 2008. I bought the house from DH's parents. DH's name is not on the mortgage or the deed to the house. It is all in my name. He lost his job before we settled and his credit isn't so hot anyway, so it was better to just do it all in my name.
To the best of my understanding, the tax credit says that both you and your spouse must be first time home buyers. I certainly am, but is DH? His name was on the deed, so I'm guessing that means he was a homeowner, but no one seems to be quite sure. And is it first time homebuyer or homeowner? DH never bought a house before since he was never on the mortgage. I'm also told that you cannot have purchased the house from a family member, but I don't believe that in-laws count. I think I'm going to have to contact the IRS. I doubt that we qualify, but I want to be sure before I pass up the chance for an interest free $7500 loan.
I don't think you will qualify. I think that in-laws do count. I would call H&R Block or someone in a tax business and ask them.
Yep, DH took care of doing our taxes. We're getting a little bit more back than last year, so we're happy!
Tax time is never a fun time in our house.
DH just handed everything over to the accountant last week, and because of confusion earlier in the year over an estimated payment that was considered a credit or vice versa, he's going to be writing one hefty check this spring.
My taxes are always deducted, and I used to get a few hundred bucks back each year. But ever since we married, his self-employment results in sending money each April, instead of receiving it.
Not a big deal since we plan as well as possible for it, but all of our big plans for a new car, new HVAC system, etc. are on hold until we find out exactly how much we owe.
DD 1/29/07 -
Ugh, we just filed today and NOOOO i'm not happy. We owe $196 to the feds, but we break even with the state and get back $327 for local.
I'll be happy next year when we get the $8000 for buying our house!